Eagle Hills to develop $12 billion waterfront destination in Maldives

The Government of Maldives and Eagle Hills have signed a commercial terms agreement for the development of Maldives Waterfront and Marina, a major new integrated island destination in the Ras Malé area, marking one of the most ambitious development initiatives in the country’s history.

The commercial terms agreement sets out the shared vision and principal commercial terms of the project, with detailed terms to be developed as the project progresses. With an overall development scale envisioned in the region of $12 billion over its various phases, the project represents a transformational long-term vision for the Maldives.

Mohamed Alabbar, Chairman of Eagle Hills, said, “The Maldives is a truly special place, with unmatched beauty and global appeal. Our ambition is to build responsibly on that strength and create something truly world-class.”

Envisioned as a world-class global tourism, waterfront and marina destination, the development will bring together international hospitality, premium residences, branded residences, a world-class marina, waterfront leisure, retail, dining, entertainment, wellness, education, healthcare and community facilities within one integrated destination.

Dr. Abdulla Muththalib, Minister of Infrastructure, Housing and Urban Development, Maldives, said, “In Eagle Hills and its Chairman, Mohamed Alabbar, the Maldives has a partner whose record speaks for itself - from the making of Downtown Dubai to Belgrade Waterfront and destinations across three continents, few names in global real estate carry the same authority in building city-scale destinations from the ground up. That is the calibre of partnership we have secured for Ras Malé.”

The project builds on the extraordinary strength of the Maldives brand. Recognised around the world for its natural beauty, exceptional hospitality and unique island experience, the Maldives has established a position few destinations can replicate.

The development will build on this legacy, complementing its globally renowned resort sector with a new generation of waterfront living, hospitality and marina experiences.

At its heart will be an internationally significant destination where hotels and resorts, premium residences, branded residences, marina experiences, waterfront promenades, dining, retail, wellness and entertainment come together around the water.

Education, healthcare, community infrastructure and high-quality public spaces will complete an integrated environment combining tourism, residential life and year-round economic activity. Properties within the destination will be offered through a long-term leasehold framework under Maldivian law, with terms of up to 99 years. Upon each transfer, whether through sale or inheritance, a new leasehold term of up to 99 years will commence, providing lasting continuity for owners across generations.

The development is expected to broaden the Maldives’ tourism offering, creating new reasons to visit, stay longer, return and invest, while attracting new international visitor segments and further strengthening the country’s position as one of the world’s most desirable tourism and lifestyle destinations.

Responsible development and environmental stewardship will guide the project from planning through delivery.

The masterplan will respond carefully to the Maldives’ unique relationship with the ocean and its sensitive island environment, embedding sustainability, resilient infrastructure and protection of the natural setting throughout.

The project will be developed on reclaimed land, with no further dredging to be undertaken by Eagle Hills. Independent marine monitoring will accompany construction as the project progresses, helping ensure the development remains sensitive to the waters and natural environment that define the Maldives.

Dr. Abdulla Muththalib added, “For the Maldives, this is the largest investment programme in our history - billions of dollars of foreign investment moving through our banking system, creating jobs, homes for Maldivian families, and direct revenue to the State from every sale, achieved without tax giveaways and without government borrowing.” Maldives Waterfront and Marina is projected to establish a major new platform for sustained foreign investment in the Maldives. This significant and sustained inflow of international capital will underpin long-term value creation across the Maldivian economy. The wider activity generated by the development is also expected to create significant tax contributions and stimulate growth across hospitality, construction, retail, marine services, technology and other sectors. Over its lifetime, the project is expected to create significant direct and indirect employment opportunities. This activity will open new career pathways for Maldivians, strengthen local supply chains and create sustained demand for local businesses, suppliers and professional services, helping retain a greater share of the economic value created within the Maldives.

By bringing tourism, hospitality, residential communities and enterprise together, Maldives Waterfront and Marina aims to translate international investment into lasting economic value for the Maldives and its people, while establishing an exceptional waterfront and marina destination worthy of the country’s extraordinary international standing.

Dr. Abdulla Muththalib added, “Most importantly, this project establishes a structured, world-class real estate sector for the Maldives - a new pillar of our economy standing alongside tourism. It is a decisive step on our path to becoming a high-income country by 2040.”

WAM